Associated Press Business Writer Stanchion
NEW YORK (AP) – US stocks remained stable on Wednesday. This has returned with a leap between days’ profits from record highs.
The S&P 500 increased by 0.2% in early trading. It sits 3.5% below the record after a higher bill, hoping that the worst disruption caused by President Donald Trump’s trade war could have been passed. Last month it was about 20% below the mark.
The Dow Jones industrial average rose 60 points (0.1%) as of 9:35am Eastern time, with Nasdaq Composite rising 0.2%.
The next big test on Wall Street will take place after the close of trading on the day the market heavyweight Nvidia reports the latest results. There is high hopes for the frenzy surrounding artificial intelligence technology. So there is also concern that even after most of this year has stagnated, stock prices may be too high.
Several retailers provided better results than expected in their latest morning quarter. Abercrombie & Fitch rose 27.4% after both profit and revenue broke analyst expectations. CEO Fran Horowitz celebrated the widespread growth of businesses across the world, and the strength of the Hollister brand offsets the weaknesses of the Abercrombie brand.
Dick’s sporting goods added 2.7% after breaking through analyst expectations for the latest quarter.
Octa was on the losing end of Wall Street, down 12% despite the identity and access management company reporting better results in the most recent quarter than Wall Street expected. Analysts call it a solid performance, but investors may have so far been looking for more after the stock had grown nearly 60% that day.
Macy’s has changed from its initial profit to a 0.6% loss after reporting milder income and lower profits than the analysts expected in the recent quarter. Additionally, retailers maintained forecasts for revenue this year, but partially reduced profit forecasts due to ease of tariffs and some spending by consumers.
Video game retailer GameStop has dropped by 3% after saying it bought 4,710 bitcoins. This is worth more than $510 million at its current price. The company said in late March it could begin purchasing Bitcoin to store some of its cash at the Treasury.
Later on Wednesday, the Federal Reserve released minutes from the meeting earlier this month, leaving only the benchmark lending rate for the third consecutive time. US Central Bank officials cited the increased risk of unemployment and increased inflation in the US economy due to Trump’s drastic tariffs.
In the overseas stock markets, the index was slightly lower in most of Europe and Asia.
Korea is the exception, and Cospi is grateful for some of the profits of Samsung’s electronics and other high-tech companies.
In the bond market, the 10-year Treasury yield rose from 4.43% to 4.46% in the second half of Tuesday.
AP business writers Matt Ott and Elaine Kurtenbach contributed.
Original issue: May 28, 2025 9:37am EDT
